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东亚国家金融结构与经济增长的实证研究
作者单位:复旦大学国际金融系 主任(刘红忠),复旦大学国际金融系 博士研究生(郑海青)
摘    要:文章首先通过构造衡量金融结构的不同指标,运用金融结构与经济增长的动态面板数据模型,并用广义矩估计法进行估计,得出了在人均GDP高的国家,股票市场比重也高的结论;为验证其显著性,文章把东亚国家分成银行主导型和市场主导型两组分别回归,结论是股票市场比重的提高与人均GDP有显著的关系, 因此, 东亚国家应积极发展股票市场,提高银行体系和股票市场的效率。

关 键 词:东亚国家  金融结构  广义矩估计法  银行主导型  市场主导型

An Empirical Study of Financial Structure and E- conomic Growth in East Asia
Authors:Liu Hongzhong Zheng Haiqing
Institution:Liu Hongzhong Zheng Haiqing
Abstract:By constructing different measures of financial structure, this paper configures a dynamic panel data model to test the relationship between financial structure and economic growth, employing GMM. It draws the conclusion that the higher the proportion of stock market in the financial system, the higher GDP per capita of the economy. To test the significance of the conclusion, the paper categorizes the East Asian economies into two groups: bank-dominated financial system and market-dominated financial system and makes estimation respectively. The result shows significant positive relation between stock market proportion and GDP per capita. Therefore, we propose that East Asia economies should enlarge the size of stock market and enhance the efficiency of bank system and stock market.
Keywords:East Asian Economies  Financial Structure  GMM  Bank-Dominated  Market-Dominated  
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